Western New England Bancorp, Inc. reported a net income of $2.3 million, or $0.11 per diluted share, for the first quarter of 2025, a decrease from the $3.0 million, or $0.14 per diluted share, recorded in the same period of 2024. The decline in profitability was attributed to a provision for credit losses of $142,000, contrasting with a reversal of credit losses of $550,000 in the prior year. The company’s net interest income increased by $188,000, or 1.2%, to $15.5 million, driven by a rise in interest and dividend income, which grew by $1.8 million, or 6.9%. However, this was partially offset by a $1.6 million, or 14.6%, increase in interest expense.
Total assets for the company reached $2.7 billion as of March 31, 2025, reflecting a $56.2 million, or 2.1%, increase from the end of 2024. This growth was primarily fueled by a $9.3 million, or 0.5%, increase in total gross loans, alongside a significant rise in cash and cash equivalents, which surged by $44.1 million, or 66.4%. The investment securities portfolio also saw a slight increase of $3.6 million, or 1.0%. The company’s available-for-sale securities portfolio increased by $7.1 million, while the held-to-maturity securities portfolio decreased by $3.4 million.
In terms of operational metrics, total deposits rose to $2.3 billion, marking a $66.0 million, or 2.9%, increase from December 31, 2024. Core deposits, defined as all deposits excluding time deposits, increased by $70.2 million, or 4.5%. Non-interest-bearing deposits also saw a rise of $24.4 million, or 4.3%, to $590.0 million. The company’s total criticized loans decreased to $36.3 million, or 1.7% of total loans, down from $38.4 million, or 1.9% at the end of 2024.
Looking ahead, Western New England Bancorp aims to continue its growth strategy by increasing its market share and expanding its commercial and residential lending portfolios. The company plans to enhance its deposit relationships and broaden its product offerings while maintaining a focus on high-quality customer service. Management remains vigilant regarding macroeconomic conditions, particularly concerning interest rates and potential economic downturns, and believes it is adequately reserved for the current economic environment.
About Western New England Bancorp, Inc.
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